In a report published Friday, Nomura Equity Research reiterated its Buy rating on News Corporation (NASDAQ: NWSA), and slightly raised its price target from $28.00 to $29.00.

Nomura Equity Research noted, “Although we are still in the dark about the size of the final cash balance held by ‘New News Corp' and the ultimate corporate tax rate, we have made some clarifying adjustments that get us to $0.18 and $0.21 in pro-forma FY13 and FY14 earnings, respectively, for ‘New News Corp'. We had previously valued ‘New News' on a P/E multiple of 8x. However, if we allocate a somewhat higher multiple of 10x CY13 EPS due to the higher market multiple and better visibility of the company's non-newspaper revenue and earnings profile, this would equate to roughly $2 of equity value.”